Alera Group, an independent, national insurance and financial services firm headquartered in Deerfield, Ill., has acquired the Ascent Group and its affiliated companies in Virginia Beach, Va., the companies said today.
The deal adds approximately $1.5 billion in client assets to Alera Group Wealth Services’ registered investment advisor (RIA) business and $1.3 billion to Alera Group Retirement Plan Services.
Alera Group’s Christian Mango, executive vice president and retirement plan services practice leader, said in a news release announcing the transaction that it was a strategic one for his company.
“The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property and casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants,” he said.
The Ascent Group’s affiliated companies include Summit Group, led by Jeff Silverman in Virginia Beach, Va., and Walsh & Nicholson Financial Group, led by Brian Walsh in Wayne, Pa. Overall, the Ascent Group employs 42 associates, including 15 financial advisors. The firm was founded in 2021 by Silverman and Walsh as well as Michael Moss, its CEO, who oversees development and marketing of the firm’s proprietary investment infrastructure.
For Alera Group Wealth Services, the additional RIA assets of $1.5 billion adds to approximately $6 billion in the firm’s assets under management, making for a total of $7.5 billion in AUM to end 2022.
Tina Hohman, executive vice president and wealth practice leader at Alera, indicated in a prepared statement that the transaction would be beneficial for both companies.
“Jeff, Brian and Mike came together last year because they saw a way to pursue better client outcomes through an innovative investment infrastructure and a client-driven service model,” she said. “We expect to leverage what they built in-house across a much larger context.”
The Ascent Group’s investment infrastructure includes a turnkey asset management program that was developed in part to reduce overall client expenses by bringing critical functions in-house and eliminating vendors.
“We’re builders,” Silverman said in the news release. “What drew us to Alera Group is the opportunity to keep building a better system—faster, leaner and more cost-effective for clients. Now we can do so on a larger scale, reaching a larger number of advisors and investors.”
The financial terms of the transaction were not disclosed.
The Alera Group was founded in 2017 through the merger of 24 independent employee benefits, property/casualty, risk management and wealth management firms. The firm says it has more than $1 billion in annual revenue.